The cryptocurrency exchange Gemini established a strategic alliance with Bancolombia with the aim of expanding in Latin America. Following the agreements made with the Financial Superintendence of Colombia (SFC), it will allow, as of December 14, the purchase and sale operations of various cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
The association will be carried out as part of a one-year pilot program led by Colombia’s financial regulator, where users will be able to negotiate cryptocurrencies directly with Gemini. Bancolombia will facilitate the use of their savings or checking accounts to finalize the process of purchase through their digital channels or transfer the money they have in Gemini to their associated account at the financial institution.
Cristina Arrastía, Vice President of Business at Bancolombia pointed out: “Bancolombia does not intervene in the crypto-assets negotiation process, but will serve as a channel to facilitate it.”
Not all bank clients will be able to participate in the pilot test, as indicated by the financial institution, only current clients selected by criteria such as the level of knowledge regarding cryptocurrencies will participate.
The pilot program will be deployed in four phases, each of which involves the invitation of new clients that will be added to the previous phases, as a strategy to control the number of participants. It is estimated that during the four phases the 5,000 clients stipulated by the SFC will be met.